Why you should get your own AI Assistant
At 24SevenOffice we have developed AI Assistant, which allows you to streamline and automate processes within the finance function – and thus manage the business on the basis of updated data.
In a market survey from 2019, MarketsandMarkets reports that global growth in the use of artificial intelligence in the accounting industry is expected, from USD 666 million in 2019 to USD 4.791 billion in 2024.
The main reason why the use of AI is becoming increasingly extensive is the growing need to automate processes related to accounting, in addition to the need for advice based on large quantities of data.
In recent years, AI has been at the forefront when it comes to finding gold in data and analysis. By using AI Assistant in a company’s finance function, the company can quickly and easily process very large amounts of data. In addition, this solution facilitates decision-makers to have access to current forecasts and reports that enable more proactive decisions to be made. The essence of this tool is high-quality insight and analysis, which is a huge competitive advantage for all companies – not just the accounting industry.
The value in new and old data
Gradually, many have begun to gain more knowledge of AI, but we still like to offer a quick definition. AI stands for artificial intelligence. Unlike robot-controlled process automations, AI is not based on rules, but data and algorithms that are constantly developed by history, new data and experience.
The technology allows a computer system to perform tasks that usually require human intelligence. Using smart algorithms, AI can interpret data, acquire knowledge and learn to perform special actions – just like a human being.
AI Assistant has learned from over 50,000 customers
24SevenOffice offers AI Assistant, which uses a technology technique based on visual learning and thus has more “power” than today’s OCR technology. AI Assistant reads the entire invoice, just as we humans do. It reads all digits, words and letters on the invoice, and also understands the link between suppliers, item lines, numbers and VAT codes.
To achieve this, we have trained our AI Assistant with a large amount of data. And this is precisely what is one of our foremost strengths and what sets AI Assistant apart from many other similar solutions on the market today.
24SevenOffice has been cloud-based since its inception in 1997, and has therefore had access to a large database for many years. With over 50,000 Nordic companies on the customer list, hundreds of invoices have gone through the ERP system. In addition, we have always focused on accounting consultants, to make sure that the way we have trained the algorithms makes sense.
How does 24SevenOffice AI Assistant work?
AI Assistant learns at both micro and macro level, so it can largely capture and adapt to specific handling at the customer level. Microlearning is what is increasing the most in AI, and will be what will be crucial for managing at the customer level. This is an extra important aspect because companies’ specific accounts may deviate from the standardized learned framework that the AI robot usually follows.
Once AI Assistant has learned to interpret your / your customers’ invoices, these can be automatically forwarded for certification based on predefined rules. These are then sent on with the finished posting proposal, before they are ready for payment. Based on limit values, the economist can assess how secure the prediction of accounts is, and thus decide whether the invoice should be posted directly – with or without manual editing. What AI Assistant cannot post automatically will be presented in the inspection list, where the economist can review and possibly correct. AI learns from these corrections and continuously optimizes the process.
5 areas where you as CFO can benefit from AI
There are many benefits to using AI Assistant as support for the finance function of a business, both in terms of time and cost savings. Below we have highlighted the most important areas where you as a finance manager can get good help.
- Collection and analysis of customer data
AI Assistant reads suppliers, product lines and context on incoming invoices. It learns at the macro and micro level, which means that it can to a greater extent capture specific handling at the customer level. Data is one of the most valuable assets you can have, and AI will help you get the most out of it.
- Manual tasks and processes
With an automatic invoice flow, all incoming invoices are interpreted automatically and then sent for certification with ready-made accounting proposals, ready for payment at the bank. You avoid unnecessary manual handling and can thus free up human resources for the more profitable tasks.
- Internal resources
The finance department can concentrate to a greater extent on handling deviations, and thus frees up extremely much time for other valuable tasks. Let AI take care of the invoices and let the finance department act as an advisor instead.
- Real-time reporting
Get continuously updated accounts as a management tool in everyday life, with an automatic invoice flow. With a complete overview of the finances as well as continuous liquidity control, you can steer the company in the right direction.
- Forecasts and analyzes
Optimize forecasts, analyzes and reporting as a basis for decision-making, in real time. Using AI allows you to make informed decisions and be more proactive versus reactive, which is a great advantage.
Take the first step with artificial intelligence
Does your company spend a lot of resources on handling large amounts of supplier invoices and manual processes? Then you should secure a place at our free AI webinar, where you will learn more. The webinar provides a demonstration of AI Assistant and we take a closer look at the benefits of AI, for both the finance function, and decision makers.